Workplace Slideshow: Money Woes Take a Toll on Worker Performance

By Dennis McCafferty  |  Posted 01-30-2012
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Money Woes Take a Toll on Worker Performance

Money Woes Take a Toll on Worker Performance

80% of survey participants say employees are dealing with more personal financial challenges than they did five years ago.
If you feel like your IT staffers aren't giving 100 percent on the job these days, it could be because they're struggling financially. Budgeting at home is taking its toll on workers, and it's having a significant impact on performance, a survey from the Society for Human Resource Management (SHRM) finds. More employees than in prior years are dipping into their employer-sponsored retirement plans, the survey finds. And the fallout for CIOs and other managers is decreased productivity, morale and focus -- even from formerly dedicated employees. "The source of money woes is unsurprising," says Mark J. Schmit, vice president of research at SHRM. "But the toll it's taking on both workers and their employers -- in addition to the persistence of the weak economy -- are all troubling issues." And things may not improve soon as fewer organizations are offering financial education programs these days. Nearly 460 HR professionals took part in the research. For more about the survey, clickhere. Here, we take a look at some of the survey's key findings.
Dennis McCafferty is a freelance writer for Baseline Magazine.


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